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BAHMN
159 Posts |
 Posted - 08/21/2008 : 11:06:58 AM
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| I was wondering if you can be a realtor and a loan officer that offers FHA financing? I know that one of the companies I worked for had people doing both, but they were not FHA approved. I'm in MN...thanks for any replies. |
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Managing Prime
2801 Posts |
Posted - 08/21/2008 : 11:23:11 AM
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| You can't be employed by an FHA Approved Lender and another real estate related company. You can however work for a company that is both a real estate brokerage license and a mortgage broker license. As long as (i think) 51% of the company revenues are derived from loan origination. |
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BAHMN
159 Posts |
Posted - 08/21/2008 : 11:35:13 AM
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quote:
Originally posted by Managing Prime
You can't be employed by an FHA Approved Lender and another real estate related company. You can however work for a company that is both a real estate brokerage license and a mortgage broker license. As long as (i think) 51% of the company revenues are derived from loan origination.
Even if the real estate company doesn't offer any type of mortgage related service? |
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Managing Prime
2801 Posts |
Posted - 08/21/2008 : 11:41:41 AM
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Staff
• At least two or more full time employees
• A shared receptionist is permitted but cannot be used to meet this requirement
• All employees (except a shared receptionist) must be employed exclusively by the applicant
http://www.hud.gov/offices/hsg/sfh/lender/20020902.pdf
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BAHMN
159 Posts |
Posted - 08/21/2008 : 11:51:37 AM
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quote:
Originally posted by Managing Prime
Staff
• At least two or more full time employees
• A shared receptionist is permitted but cannot be used to meet this requirement
• All employees (except a shared receptionist) must be employed exclusively by the applicant
http://www.hud.gov/offices/hsg/sfh/lender/20020902.pdf
Thanks very much. Appreciate the info and link. |
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slants
4274 Posts |
Posted - 08/21/2008 : 12:07:44 PM
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quote:
Originally posted by BAHMN
I was wondering if you can be a realtor and a loan officer that offers FHA financing? I know that one of the companies I worked for had people doing both, but they were not FHA approved. I'm in MN...thanks for any replies.
The answer is emphatically no. A Mortgage company can own a RE Company and be approved to originate FHA. If its LO's also work as RE agents, the LO's may originate any other types of loans (conventional, commercial, hard money), but HUD does not permit an LO to originate FHA while also working as a realtor. The LO would have to refer the RE business to another agent if he/she will be writing any FHA business.
I have researched, e-mailed and called HUD and consulted companies who obtain FHA approvals for mortgage brokers, and one HUD rep even called a HUD Mortgagee Approval underwriter with me on the phone, and unfortunately the answer was NO, even if the RE activity is not "outside employment" because it's an inhouse branch under the same company, an agent still may not simultaneously sell RE and originate FHA, no if's and's or but's. 1-800-225-5342 (1-800-CALL-FHA); E-mail: hud@custhelp.com
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/
Chapter 2-9G (page 6)
G. Full Time, Part Time and Outside Employment. A mortgagee may
employ staff full time or part time (less than the normal 40 hour work
week). They may have other employment including self employment.
However, such outside employment may not be in mortgage lending, real
estate, or a related field. Direct endorsement underwriters are included in
this provision. An underwriter may not work on a part time basis for any
other mortgagee, even underwriting conventional mortgage loans. An
underwriter may not underwrite loans for a parent or subsidiary of the
underwriters approved employer. A direct endorsement underwriters
authority is through the employer and does not extend under any corporate
umbrella. |
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BAHMN
159 Posts |
Posted - 08/21/2008 : 12:29:06 PM
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| It's a shame because one of the realtors that sends me referrals doesn't seem to help his clients all that much. It's more like I am selling my end and his. |
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